From Surf Wiki (app.surf) — the open knowledge base
Treasurer of Australia
Australian government minister in charge of economic policy
Australian government minister in charge of economic policy
| Field | Value |
|---|---|
| post | Treasurer |
| body | Australia |
| insignia | Coat_of_Arms_of_Australia.svg |
| insigniacaption | Commonwealth Coat of Arms |
| flag | Flag of Australia (converted).svg |
| flagcaption | Flag of Australia |
| incumbent | Jim Chalmers |
| image | Jim Chalmers 2020.jpg |
| imagesize | 170 |
| incumbentsince | |
| department | Department of the Treasury |
| style | The Honourable |
| member_of | Cabinet |
| Federal Executive Council | |
| National Security Committee | |
| seat | Canberra, ACT |
| appointer | Governor-General |
| appointer_qualified | on the advice of the prime minister |
| termlength | At the Governor-General's pleasure |
| formation | |
| first | Sir George Turner |
| website |
Federal Executive Council National Security Committee
The Treasurer of Australia, also known as the Federal Treasurer or more simply the Treasurer, is the minister of state of the Commonwealth of Australia charged with overseeing government revenue collection, federal expenditure and economic policy as the head of the Department of the Treasury. The current treasurer is Jim Chalmers, who was selected by Prime Minister Anthony Albanese in May 2022 following the 2022 Australian federal election.
The Treasurer implements ministerial powers through the Department of the Treasury and a range of other government agencies. According to constitutional convention, the Treasurer is always a member of the Parliament of Australia with a seat in the House of Representatives. The office is generally seen as equivalent to the Chancellor of the Exchequer in the United Kingdom or the Secretary of the Treasury in the United States or, in some other countries, the finance minister. It is one of only four ministerial positions (along with prime minister, Minister for Defence and Attorney-General) that have existed since Federation.
Responsibilities and duties
The Treasurer is the minister in charge of government revenue and expenditure. The Treasurer oversees economic policy: fiscal policy is within the Treasurer's direct responsibility, while monetary policy is implemented by the politically independent Reserve Bank of Australia, the head of which is appointed by the Treasurer. The Treasurer also oversees financial regulation. Each year in May, the Treasurer presents the Federal Budget to the Parliament.
The Prime Minister and Treasurer are traditionally members of the House, but the constitution does not have such a requirement. The tradition is due to the fact that under the constitution, appropriation bills have to originate from the House, and if the Treasurer is a senator, they would not be able to introduce the bills. This would also mean another minister would need to give the nationally televised budget speech and introduce the bills. While no Federal Treasurer has been a member of the Senate, New South Wales, Victoria, Tasmania and South Australia had state Treasurers who had served as members of the Legislative Councils, the states' upper houses.
Unlike the scenario in which a treasurer who is a senator cannot present the budget in the House of Representatives, state treasurers who have been members of upper houses have delivered their budgets in the respective lower houses.
The treasurer is a very senior government post, usually ranking second or third in Cabinet. Historically, many treasurers have previously, concurrently or subsequently served as prime minister or deputy prime minister; two subsequently served as Governor-General. Service as treasurer is seen as an important (though not essential) qualification for serving as prime minister: to date, six treasurers have gone on to be prime minister.
Paul Keating and Wayne Swan are currently the only two to have been named "Euromoney Finance Minister of the Year" by Euromoney magazine.
Since 1958, Treasurers in Coalition governments have often but not always been the deputy leader of the Liberal Party. In contrast, only four Labor Treasurers have also been the deputy leader of the Labor Party.
Treasury portfolio
Eleven organizations nominally fall under the auspices of the Australian Treasurer. They entail the provision of policy advice to portfolio ministers; effective government spending and taxation arrangements; and well-functioning markets.
-
The Department of the Treasury creates policies and reports for four output groups. These groups are macroeconomic, fiscal, revenue and markets:
- Macroeconomic reports include: domestic economic policy advice and forecasting and international economic policy advice and assessment.
- Fiscal reports include: budget policy advice and coordination; Commonwealth-State financial policy advice; and industry, environment and social policy advice.
- Revenue reports include: taxation and income support policy advice.
- Markets reports include: foreign investment policy advice and administration; financial corporate governance policy advice; competition and consumer policy advice; and actuarial services. In addition, the Royal Australian Mint is responsible for producing Australia's circulating currency.
-
The Australian Bureau of Statistics is Australia's official statistical agency. Its reports are created for decision-making, research and discussion within governments and the community. It principally relates to the production of economic, population and social statistics.
-
The Australian Office of Financial Management manages the Commonwealth's net debt portfolio. Its reports on debt management directed at ensuring that the Commonwealth net debt portfolio is managed, subject to the government's policies and risk references.
-
The National Competition Council is an independent advisory body for all Australian governments involved in implementing the National Competition Policy. Outputs include: advice provided to governments on competition policy and infrastructure access issues and accessible public information on competition policy.
-
The Productivity Commission is an advisory body on microeconomics policy that contributes to public understanding.
-
The Australian Taxation Office outputs are directed at systems that support and fund services for Australians and give effect to social and economic policy through the tax, superannuation, excise and other related systems. Outputs include: design and build administrative systems; management of revenue collection and transfers; compliance assurance; and regulation of superannuation funds compliance with retirement income standards. The Inspector-General of Taxation is an independent statutory office to review systemic tax administration issues and to report to the Government with recommendations for improving tax administration for the benefit of taxpayers.
-
The Australian Competition and Consumer Commission is a regulation agency mandated for consumer rights by industry regulation and price monitoring.
-
The Australian Prudential Regulation Authority is the financial supervisor responsible for prudentially regulating the banking, other deposit-taking, insurance and superannuation industries.
-
The Australian Securities and Investments Commission (ASIC) is the independent government body that enforces and administers the Corporations Law and Consumer Protection Law for investments, life and general insurance, and superannuation and banking (except lending). Outputs include: policy, enforcement and guidance about ASIC-administered laws; information on companies and corporate activity; and monitoring and licensing of participants.
-
The Corporations and Markets Advisory Committee (CAMAC) creates reports directed at participation of investors and consumers. It makes recommendations to the responsible Minister on the Corporations Law, and produces and publishes an annual report along with other discussion papers and reports.
List of treasurers
The following individuals have been appointed as Treasurer of Australia:
| Order | Treasurer | Portrait | Party | Prime Minister | Term start | Term end | Term in office | ||
|---|---|---|---|---|---|---|---|---|---|
| 1 | Sir George Turner | [[File:Georgeturner.jpg | 100px]] | Protectionist}} | Protectionist | Barton | |||
| Deakin | |||||||||
| 2 | Chris Watson | [[File:ChrisWatsonSepia crop.jpg | 100px]] | Labour | Watson | ||||
| (1) | Sir George Turner | [[File:Georgeturner.jpg | 100px]] | Protectionist}} | Protectionist | Reid | |||
| 3 | Sir John Forrest | [[File:Portrait of John Forrest (cropped).jpg | 100px]] | Deakin | |||||
| 4 | Sir William Lyne | [[File:William Lyne (cropped).jpg | 100px]] | ||||||
| 5 | Andrew Fisher | [[File:Andrew Fisher 1908.jpg | 100px]] | Labour | Fisher | ||||
| (3) | Sir John Forrest | [[File:Portrait of John Forrest (cropped).jpg | 100px]] | Commonwealth Liberal | Deakin | ||||
| (5) | Andrew Fisher | [[File:Andrew Fisher 1912 (b&w).jpg | 100px]] | Labour | Fisher | ||||
| (3) | Sir John Forrest | [[File:Sir John Forrest - Lafayette Studios (cropped).jpg | 100px]] | Commonwealth Liberal | Cook | ||||
| (5) | Andrew Fisher | [[File:AndrewFisher.jpg | 100px]] | Labor}} | Labor | Fisher | |||
| 6 | William Higgs | [[File:William Higgs.jpg | 100px]] | Hughes | |||||
| 7 | Alexander Poynton | [[File:Alexander Poynton - Broothorn Studios (cropped).jpg | 100px]] | National Labor | |||||
| (3) | Sir John Forrest | [[File:Sir John Forrest - Lafayette Studios (cropped).jpg | 100px]] | Nationalist}} | Nationalist | ||||
| 8 | William Watt | [[File:William Watt (cropped).jpg | 100px]] | ||||||
| 9 | Sir Joseph Cook | [[File:Joseph Cook - Crown Studios 03.jpg | 100px]] | ||||||
| 10 | Stanley Bruce | [[File:Portrait of Rt. Hon. S.M. Bruce, P.C., M.C. (cropped).jpg | 100px]] | ||||||
| 11 | Earle Page | [[File:Earle Page - Falk Studios (cropped).jpg | 100px]] | Country | Bruce | ||||
| 12 | Ted Theodore | [[File:Ted Theodore 1931.jpg | 100px]] | Labor}} | Labor | Scullin | |||
| 13 | James Scullin | [[File:Portrait of James H. Scullin (cropped).jpg | 100px]] | ||||||
| (12) | Ted Theodore | [[File:Ted Theodore 1931.jpg | 100px]] | ||||||
| 14 | Joseph Lyons | [[File:Joseph Lyons.jpg | 100px]] | UAP}} | United Australia | Lyons | |||
| 15 | Richard Casey | [[File:Richard Casey 1939 (cropped).jpg | 100px]] | ||||||
| Page | |||||||||
| 16 | Robert Menzies | [[File:Robert Menzies in 1939.jpg | 100px]] | Menzies | |||||
| 17 | Percy Spender | [[File:Percy Spender 1940.jpg | 100px]] | ||||||
| 18 | Arthur Fadden | [[File:FaddenPEO.jpg | 100px]] | Nationals}} | Country | ||||
| Fadden | |||||||||
| 19 | Ben Chifley | [[File:Benchifley.jpg | 100px]] | Labor}} | Labor | Curtin | |||
| Forde | |||||||||
| Chifley | |||||||||
| (18) | Sir Arthur Fadden | [[File:Arthur Fadden.jpg | 100px]] | Country | Menzies | ||||
| 20 | Harold Holt | [[File:Harold Holt 1964.jpg | 100px]] | Liberal}} | Liberal | ||||
| 21 | William McMahon | [[File:William McMahon 1966.jpg | 100px]] | Holt | |||||
| McEwen | |||||||||
| Gorton | |||||||||
| 22 | Les Bury | [[File:Les Bury 1971 (cropped).jpg | 100px]] | ||||||
| McMahon | |||||||||
| 23 | Billy Snedden | [[File:Billy Snedden 1971.jpg | 100px]] | ||||||
| 24 | Gough Whitlam | [[File:Gough Whitlam 1972 (cropped).jpg | 100px]] | Labor}} | Labor | Whitlam | |||
| 25 | Frank Crean | [[File:Frank_Crean_1973.jpg | 100px]] | ||||||
| 26 | Jim Cairns | [[File:Jim Cairns 1974 (cropped).jpg | 100px]] | ||||||
| 27 | Bill Hayden | [[File:Bill Hayden 1974 (cropped).jpg | 100px]] | ||||||
| 28 | Phillip Lynch | [[File:Phillip Lynch 1975 (1) (cropped).jpg | 100px]] | Liberal}} | Liberal | Fraser | |||
| 29 | John Howard | [[File:John Howard 1974 (cropped).jpg | 100px]] | ||||||
| 30 | Paul Keating | [[File:Paul Keating 1985.jpg | 100px]] | Labor}} | Labor | Hawke | |||
| 31 | Bob Hawke | [[File:Bob Hawke 1987 portrait crop.jpg | 100px]] | ||||||
| 32 | John Kerin | [[File:John Charles Kerin.jpg | 100px]] | ||||||
| 33 | Ralph Willis | [[File:Ralph Willis.jpg | 100px]] | ||||||
| Keating | |||||||||
| 34 | John Dawkins | [[File:John-Dawkins-1984.jpg | 100px]] | ||||||
| (33) | Ralph Willis | [[File:Ralph Willis.jpg | 100px]] | ||||||
| 35 | Peter Costello | [[File:Peter Costello.jpg | 100px]] | Liberal | Howard | ||||
| 36 | Wayne Swan | [[File:Treasurer Wayne Swan, 2009, crop.jpg | 100px]] | Labor}} | Labor | Rudd | |||
| Gillard | |||||||||
| 37 | Chris Bowen | [[File:Chris Bowen 2022.jpg | 100px]] | Rudd | |||||
| 38 | Joe Hockey | [[File:Joe Hockey portrait 1.jpg | 100px]] | Liberal}} | Liberal | Abbott | 15 September 2015 | ||
| Turnbull | 21 September 2015 | ||||||||
| 39 | Scott Morrison | [[File:Scott Morrison 2014 crop.jpg | 100px]] | ||||||
| 40 | Josh Frydenberg | [[File:Josh Frydenberg (32654447397) (cropped).jpg | 100px]] | Morrison | |||||
| (39) | Scott Morrison | [[File:Scott Morrison 2014 crop.jpg | 100px]] | ||||||
| 41 | Jim Chalmers | [[File:Jim Chalmers 2020.jpg | 100px]] | Labor | Albanese | Incumbent |
: Treasurers Watson, Fisher, Scullin, Lyons, Fadden, Menzies, Chifley, Whitlam, Hawke and Morrison were also Prime Minister during some or all of their period as Treasurer. : Morrison was appointed as Treasurer by the Governor-General on Morrison's advice in May 2021, with both Morrison and Frydenberg holding the position of Treasurer until May 2022. However, the appointment of Morrison was not made public until August 2022.
Living former treasurers
As of , there are ten living former treasurers of Australia, the oldest being Ralph Willis (served 1991, 1993−1996, born 1938). The most recent treasurer to die was Bill Hayden (served 1975) on 21 October 2023. The most recently serving treasurer to die was John Kerin (served 1991) on 29 March 2023.
| Treasurer | Term(s) as treasurer | Date of birth (and age) |
|---|---|---|
| Ralph Willis | 1991, 1993–1996 | |
| John Howard | 1977–1983 | |
| Paul Keating | 1983–1991 | |
| John Dawkins | 1991–1993 | |
| Wayne Swan | 2007–2013 | |
| Peter Costello | 1996–2007 | |
| Joe Hockey | 2013–2015 | |
| Scott Morrison | 2015–2018, 2021–2022 | |
| Josh Frydenberg | 2018–2022 | |
| Chris Bowen | 2013 |
References
References
- (June 2018). "House of Representatives Practice". Commonwealth of Australia.
- (December 2016). "No. 14 - Ministers in the Senate". Parliament of Australia.
- "Can a senator be treasurer?".
- (2009). "The What lies beneath: the work of senators and members in the Australian Parliament – Senate versus the House".
- (21 September 2011). "Wayne Swan named the world's best treasurer". news.com.au.
- "Ministers". [[Commonwealth of Australia]].
- (19 September 2013). "Finance and Deregulation Portfolio Ministers". [[Commonwealth of Australia]].
- "Previous ministers". [[Commonwealth of Australia]].
- McIlroy, Tom. (2023-03-29). "John Kerin remembered as Labor great". Australian Financial Review.
This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page.
Ask Mako anything about Treasurer of Australia — get instant answers, deeper analysis, and related topics.
Research with MakoFree with your Surf account
Create a free account to save articles, ask Mako questions, and organize your research.
Sign up freeThis content may have been generated or modified by AI. CloudSurf Software LLC is not responsible for the accuracy, completeness, or reliability of AI-generated content. Always verify important information from primary sources.
Report